Small Business Succession Planning Act
To require the Administrator of the Small Business Administration to establish a program to encourage small business concerns to make business succession plans, and for other purposes.
The Small Business Succession Planning Act, known as HB9051, aims to create a program that encourages small businesses to develop succession plans. This would help ensure the smooth transition of business ownership and operations when the current owner decides to retire or leave the business. The program would be overseen by the Administrator of the Small Business Administration.
This bill primarily affects small business owners who are considering their long-term plans and the future of their businesses. By establishing a succession planning program, the bill hopes to provide resources and guidance to these business owners, helping them to plan for their business’s future and maintain stability and continuity.
HB9051 was introduced on May 29, 2026, and has been referred to the Committee on Small Business and the Committee on Ways and Means for further review. As of now, the bill is in its early stages of the legislative process. Key actions so far include its introduction in the House and its referral to the relevant committees for consideration.
